QUESTION to ASK MYCARLADY about car dealers unwinding deals or possibly switching cars after the car is delivered…by telling the client the BANK denied the loan.
Dear Sarah Lee aka: MYCARLADY, I was wondering if you stay with us throughout the process? I don’t want to be in the situation were we get a car, and then the dealership decides for whatever reason that my daughters is are too big of a risk and “unwrap” the car, for lack of a better word. Thanks, V&J
ANSWER: Good question. When you hire MYCARLADY, I only deal with reputable dealers I know and have personal history and experience with. I make sure the dealers do all the CREDIT and LOAN approval, after you have driven and decided you want the car, but BEFORE it goes home.
If the dealer knows it’s a sale they will try NOT to sell it out from underneath you while the approval is going on. (Although that can happen when you have one car and 50 salespeople trying to make a living.)
However, I strongly recommend my clients NEVER take a car home before there is a FINAL approval from an actual BANK, not just the dealer’s “conditional approval”. I hate the bait n switch game some dealers do, just to keep you in THEIR car until something more appropriate comes along, but this is a terrible business practice and that is why I say, never take the car home without a bonafide approval, especially with new or challenged credit.
Now, that is presuming that all the information you provide on the credit application is verifiable and true. If the bank discovers an irregularity between what is on the physical application and the proof of income, and something you or your employer verifies, then That is considered bank fraud and they have every right to “unwind” the car deal.
This is the NUMBER 1 reason only the customer should fill out their credit application, including the INCOME and RENT spaces on the form and sign it and get a copy of the form BEFORE they leave the dealership.
In this way, the customer is protected from the DEALERSHIP submitting false information.
In my case, I stay on the deal to the end, to be sure “strange nonsense” DOESN’T happen!
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If you need any other car buying, selling, trading or financing assistance on any new or used vehicle, please do not hesitate to email me at sarahlee@mycarlady.com,mvides422@gmail.com,carlady@cox.net or give me a call; 702-521-7546 I’m here to help you with any of your automotive needs and advice is free.
Sarah Lee is an automotive executive with 20+ years of experience. She writes about Cars, and is a staunch consumer advocate on car related subjects. Her company: MY CARLADY is a car buyer’s service committed to getting you the best deal on your next new or pre-owned vehicle. You can reach her at CAR DEALS
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